PwC 'to lose one in ten partners'
PricewaterhouseCoopers is set to axe one in ten of its partners in the UK, according to a report in yesterday's Sunday Times newspaper.
The report added that the shake-up could cost the firm as much as £80m in compensation.
PricewaterhouseCoopers currently has around 1,200 partners in the UK and is rumoured to be axing up to 130 across the board. The firm has been losing partners to its rivals since the merger in 1998, with at least one other Big Five firm claiming that its profit levels were proving attractive to disgruntled PwC partners.
The report in the Sunday Times quoted one rival as saying: ‘This is another merger that failed to live up to expectation.’
Since 1998, PwC has been dogged with internal problems including the increasing costs of the merger and a probe by the US Securities and Exchange Commission into staff shareholdings of audit clients.
A spokesman for the firm said he was not prepared to comment on what he called ‘rumour and speculation’.
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